GTA Initiates Drill Program to Test Auden Graphite Targets
17 Diciembre 2013 - 6:00AM
Marketwired Canada
GTA Resources and Mining Inc. (TSX VENTURE:GTA) announces the commencement of a
diamond drill program at its Auden Property, located adjacent to Zenyatta
Ventures Ltd.'s Albany Graphite Project in Northern Ontario.
The drill program will initially target electromagnetic anomalies (conductive
zones) located in the central part of the property and having geophysical
characteristics similar to the geophysical signature associated with Zenyatta's
high purity graphite zones. These graphite deposits were discovered while
testing electromagnetic (EM) targets and have been described as occurring in
breccia pipes (diatremes) with dimensions in the order of 200 m by 400 m. GTA's
management and geological consultants believe that the graphite breccia pipes
that exist on Zenyatta's Albany Project are similar to kimberlite pipes
(diatremes) and are likely to occur in clusters along structural corridors that
may extend onto GTA's Auden Property.
GTA has identified a number of electromagnetic anomalies (conductive zones), on
the Auden Property, from an in-house airborne geophysical survey which was
recently extended to cover the entire property. Ground geophysics, consisting of
EM and Magnetics surveying, is ongoing in order to get a more detailed
definition of the higher priority airborne targets. Both the drilling and ground
follow-up programs will continue into the new year.
Most targets are accessible via existing logging roads and bush trails
originating from Hwy 11 located 15 km to the south. An Ontario exploration
permit is in place and a recently signed exploration agreement with Constance
Lake First Nation allow for a co-operative continuous field program to evaluate
the graphite potential on the Auden Property.
GTA is the single largest land holder in the area, holding 100% title to more
than 69,000 contiguous acres.
Robert Duess, P. Geo, VP Exploration for GTA and a qualified person as defined
in National Instrument 43-101, is responsible for this release, and supervised
the preparation of the information forming the basis for this release.
About GTA
GTA is a well funded publicly traded mineral exploration company. It is led by
an experienced and successful management team and is focused on gold exploration
in Canada. GTA currently has three exploration focused projects in its
portfolio. Its flagship project, the Northshore Property, located near
Schreiber, Ontario, is subject to an option agreement with Balmoral Resources
Ltd. (TSX VENTURE:BAR) whereby GTA can earn up to a 70% interest. Secondly, GTA
recently completed trenching and a 400 metre drill program under an option
agreement with Metals Creek Resources Corp. ("MEK") to earn up to a 70% interest
in the Squid East Property in the White Gold District, Yukon. The third project,
the 100% owned Auden Property, is located near Hearst, Ontario and consists of
1748 claim units covering virtually an entire greenstone belt and hosting a
number of graphite, gold, base metal and PGE targets.
GTA has 26,731,855 shares outstanding of which insiders control approximately
30% of the outstanding shares. The Company's shares trade on the TSX Venture
Exchange under the symbol "GTA".
On behalf of the board of directors
GTA Resources and Mining Inc.
Wayne Reid, President and CEO
For more information, please visit the corporate website at gtaresources.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this press release.
This press release contains forward-looking statements and forward-looking
information (collectively, "forward looking statements") within the meaning of
applicable Canadian and United States securities laws. All statements, other
than statements of historical fact, included herein, including statements
regarding the anticipated content, commencement, duration and cost of
exploration programs, anticipated exploration program results, the discovery and
delineation of mineral deposits/resources/reserves, the timing of the receipt of
assay results, and business and financing plans and trends, are forward-looking
statements. Forward-looking statements are typically identified by words such
as: believe, expect, anticipate, intend, estimate, postulate and similar
expressions or are those which, by their nature, refer to future events.
Although the Company believes that such statements are reasonable, there can be
no assurance that such statements will prove to be accurate, and actual results
and future events could differ materially from those anticipated in such
statements. The Company cautions investors that any forward-looking statements
by the Company are not guarantees of future performance, and that actual results
may differ materially from those in forward-looking statements. Important
factors that could cause actual events and results to differ materially from the
Company's expectations include those related to weather, equipment and staff
availability; performance of third parties; risks related to the exploration
stage of the Company's projects; market fluctuations in prices for securities of
exploration stage companies and in commodity prices; and uncertainties about the
availability of additional financing; risks related to the Company's ability to
identify one or more economic deposits on the properties, and variations in the
nature, quality and quantity of any mineral deposits that may be located on the
properties; risks related to the Company's ability to obtain any necessary
permits, consents or authorizations required for its activities on the
properties; and risks related to the Company's ability to produce minerals from
the properties successfully or profitably. Trading in the securities of the
Company should be considered highly speculative. All of the Company's public
disclosure filings may be accessed via www.sedar.com and readers are urged to
review these materials, including the latest technical reports filed with
respect to the Company's mineral properties.
This press release is not, and is not to be construed in any way as, an offer to
buy or sell securities in the United States.
FOR FURTHER INFORMATION PLEASE CONTACT:
GTA Resources and Mining Inc.
Wayne Reid
President and CEO
709 699 1733
www.gtaresources.com
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